The House passed a measure to hold steady the interest rates on college loans, but not before it drew a veto threat over the healthcare cuts that would fund the plan.
The bill, passed 215-195, would pay for the cost of preventing a doubling of student loan interest rates in July through $5.9 billion in cuts to the 2010 healthcare law's Prevention and Public Health Fund. The Patient Protection and Affordable Care Act provided an advanced appropriation of about $16 billion for the fund, as well as about $2 billion in annual appropriations.
“This is a politically motivated proposal and not the serious response that the problem facing America's college students deserves,” the White House Office of Management and Budget said (PDF) shortly before the House vote. The OMB statement said the president's senior advisers would recommend that he veto the bill.